New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-06-29
FIELD SELLS MANHATTAN.
JAY GOULD PURC HAsEs $4,000 SHAKES
WHAT THE TWO MEN sAY-A SHARP RALLY IN THE


WHAT THE TWO MEN sAY-A SHARP RALLY IN THE
STOCK MARKET.
II was announced yesterday that Cyrus W. Field
and his associates had sold and trashf~rrtd to Jay
Gould q block of 000) shares of Manhattan Elevat-
cd Railway stock. Yesterday also marked the first
substantial rally which has occurred in stocks since
the essful raid prices last Friday Not only
no failures announced, bat the temper OF wall
Street at tho end OF business showeda positive tonng
up.
The Street was full of rumors but wilhelm themorn-
ing they were OF dscouragng character, In the at
tcrnoon they took on more reassuring shape. Ihe
stock market was opened in the usual recent style,
with Missouri Pacific 10 wer and Manhattan down
per cent. Vigorous raidng was done in Paclho MAIL
and its price was broken to 4334, loss OF "a per
cent from Monday night. Reading was hotly assaed,
bat ITS friends prevented any tall telow 4| against
4eas at Mondays close. In only few stocks were
tho losses from tho opening over per cent although
were spread through the Stock Exchange mat
trouble was impending in some carefully uomentioned
quarter. The buying orders we're 80 numerous tn@t
long prizes, began to rally and in the afternoon he
advance of the socaed Goulu stocks changed the
color OF the rumors from dark to q roseate hue Inc
moaey market relaxed aud this added another niu-
ence to stimulate buyers. The market ended with
prices materially higher than the night before ana
with the street bulls more cheerful than they nave
been In several days.
The fret positive statement OF the nhattan trans
action Ade n the last hour of business Details
1T the transfer refused by the friends ot both Mr
Goud and Mr. Fold but the price paid tor tho ooooo
shares taken by the former from the latter s under
stood be about $l20 per share Checks tor the pur-
chase to the amount of $4 500 00U went through the
Fourth National Bank and this gave rice to story
that the price aid by Mr. Gould was $50 per share
1t is Understood, however. that the SioOooOo rep
resented only Fart OF the payment, advances having
been made previously. Jay Gould was seen by
TRIBUNE reporter at his Office in the Western Union
building. Mr.. Gould looked even more cheerful than
he did on last Friday, and he said:
"Yes have purchased 5000 shares OF Manbat'
tan stock. do rot know that | can add anything
.ar her about the transaction bought the stock be-
cause could get it prcc thought 1t was worth.
IL was a good thing to buy
From whom did you Duy it 2 Mr.Goud was asked.
Mr.. Gould smiled II he realized that tue question
was o reporters inevitable one. Il prefer 10 say
nothing abodt that" he answered. 81 bought IL
from some one who waited to sell il, you must know
Mr. Guild continued have not bought the stock
for any syndicate or associates 10 purchase for
investment aud IL s all paid tor lt is this TRANSACTION
that ma, have given rise to the rumors that was
calling loans. did have to coll loans to pay for H.
but that could not have disturbed the money market
for the money was Immediately restorei &c the same
onanneis There is change in the telegraph stua-
rion The Western Union is doing handsome bu,f
ness. Yesterday there were 100000 messages
handled in this building alone, the largest days WORK
in the history OF the telegraph business. Inc caoe
business wa, enormous With the cheap rates now
ruling the London Stock Exchange can trade with the
market here almost wei, as any distant point lie O.
Ia response to su inquiry as to his we rs oil the
General outlook, Mr.. Could said The situation,
believe il encou raging. Railroad earnings are large
and money is coming here on account oil the hign
rates. The Mis- SCUM Pacific system is handling mucn
heavier tonnage thfn at this time last year. thinA
the street is much improved. Stocks nave piooaDly
pa-sed into strong hands. People have bought stocks
and pa.d Tor them aud the feeling is decidedly better
NJ Field said ia response TO lnqurlee les, nave
sold Tor myself and associates ooooo shares oi MAI
| ~. \ nrete nDt % saw
price wac Ii was Jcrfoctly satisfactory TO me ana my
a.socatel OF would not have consented TO tne sae.
sold 1t because got satisfactory tree; hou ian
saw the sale Wa, made before the break. am sun
heavy holder OF stock and nave the utmost confidence
in Il property. You can deny all stories that
ncccs, ioro ID me to sell The business cona,'ou
| the country is good and ought to have decided
Enc Mammalian transaction was the general topc OF
Yesterday especially as regards its Dear
inc on the stock suecuaton Ii gave fise 10, or Was
npaned By, many other rumors conneetihS ni;
| Gould with other important interests inc nrst
rumors on the Street that settlement had oeeh
made IN Telegraph matters. The story ran thal
deal " had been made oy whioh nestrs' I've o; unu
stayner the successors OF Alfred Suly IN the bati-
more and Ohio negotiations, had surrendered their
| option on that railroad to Mr. Gould. III was sara
that the break in the stock market ahd tDe slhgehcy
in mon.y had forced thom in selIdeence to put them
| selves in Mr. Goulds hands In addition 10 Mr.
Gould's denia publlshed above tnat the'e had oeeu
any change in the ele graph SITUATION his TRENDS sad
most .mphatically that the rlmors eohhectins Mf'
Gould in any way with tie atairs OF Henry : ives
| n
| n ,nrv Hart as a victim ot Mr. Goulds designs and
reprt ser ted hm "a agreeing to sell large block OF
Pacific Mail Steamship stock 70 Mr. uouiu anu P'oh %
isinp to increase the latters representation III the
hoard OF directors. An agreement to with
draw all le al opposition on tho part Oh 'he inru
Avenue Surface Railroad to ire Manhattan o11lpany
vas aso said TO he part of the alleged settlement.
Both the friends Of Mr. Gould ana ot Nr. haIt uc
clsrcd that there no trnth IN the stories An IN
timats friend of Mr. Hart stated that ho had not sO
auy of his Pacific Mail his Third Avenue s.ck nut
ne admitted that an amicable agreement might grow
out of tho recent decision OF Judge ingrahan;
Differing views taken IN the str ct o tno saio
Manhattan stock By Mr. Field 10 Ma. Hould. ny
some perst ms il is held to be only transfer oi stock
however, il that Mr. Field has succumbed to cam,
| paign against him by his associates, Mr.. Hould anu
Russell Sage, begun months ago. Messrs ooui snu m
| Sage are known to have opposed 'he pohc' oi mr.
Field IN advancing til. price OF Manhattan last sum
ner TO over 40. They painted out 10 az rhlu ,".
public interest could be created IN .'a I c
such high prices, but in respoLfe 10 ms earnest soi M
| taons an agreement Is said 10 have been insao 0y
wh.ch their holdings should not embsrrass nr fsiu M
In his plans to put up the price MT rieiu hiso was %
opposed by his colleagues in his policy to Extend the
o cent are at III hoars TO the si1'h avenue IsV"ea
% s'a ok
his colleagues have his way The nrst sp"s struoA
by Mr. Field in his plans was IN last DeseniSer wnen
The stock market suffered severe break oihce III AZ
time Mir Field ia believed to have been alone IN sus
tanning the price Of the stock and the theory Oh one
party is that in the recent depression nc was oun %
p,Iled to resort his associates tor ad mat aid was
furnished only at the expense OF Mr. bieds SURRENDER
OF the control of Manhattan TO Mr. Gouid .o, nil,
II is not believed that tho transfer OF conrol VIII
involve any radical change in the mana iemeat Oh ,ne
| Manhattan COMPANY An intimate irlend OF ni;
| Gould said yesterday tha: while ne had disapproved
the premature adoption OF the cent iares on all tne
elevated lines il was likely that he wouid court
INV noou,r c,amor by an attempt to advance rates
The titure policy OF the company, howeyet' woui1
| be dictated in the future by Mr.. Gouid ana IL "ou.u
be conservative one Mr. Field still Is supposeu "
| hold ab out 20, 900 shares OF the stoek'
| PUMO1S OF NEW Trial FOR THE ANARCHISTS.
| CHICAGO June 2s-The Daily Ners says: A rn'
NOR no less startling than that the supreme COURT
| h doc,dc, IN Give the condemned Anarchists new